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Sayantika ChatterjeeTop Contributor
I am a literature student from University of Calcutta and came here to contribute.
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What are the functions of an entrepreneur?

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Sayantika ChatterjeeTop Contributor
I am a literature student from University of Calcutta and came here to contribute.

In order to set up an enterprise, an entrepreneur needs to go through a whole process, fulfilling all his or her responsibilities and functions. The following are some : 

  1. Bringing up innovative ideas or innovations: the first and foremost function of an entrepreneur executing their startup is brainstorming new ideas which is different from the rest. For instance, the ones who brought us inductions or microwaves or online shopping sites for instance. It must not have been an one night thought. And how far is your idea bringing you revenue is also important. 
  2. Taking risks for your company: with every new business, comes new challenges and loses and an entrepreneur must take the responsibility and reduce the risks to some extent. One should be optimistic in order to embrace the failures and move ahead to new ventures. 
  3. Building up the enterprise and managing it accordingly: the main job of an entrepreneur is to build up an enterprise or organisation and manage it duly. He or she holds together the entire company and find ways to reduce risks and increase efficiencies within a limited resources in the future. 
  4. Market research: order than the above mentioned duties, market research is one of the most important work of an entrepreneur. He or she determines the demand of the upcoming product as well as gain knowledge about other resources such as the availability of labour, raw materials, transport, etc and gather the final funds.
  5. Other factors: other than the physical factors which contribute to the building of a company, there is an another factor which might strengthen the enterprise- moral support. We all are human beings and we will be discouraged if we meet failure. So here comes the entrepreneur. He or she should lift up the moral spirit of his or her employees and look after their mental health as well.